Another report, released Monday by the the Institute on Taxation on Economic Policy (ITEP), a liberal think tank, also finds that nearly half the benefits would go to the top 1 percent.

The reports come as President Donald Trump sells his tax cut as a “big, beautiful Christmas present” to the American people. While it has been clear for months that the GOP’s proposal will disproportionately help the rich, the new estimates are the first to use the actual text of a Republican bill, rather than the general framework GOP leaders released in September. Read more